What if the worst happens? What if, when face-to-face with your dream investment, you forget one crucial element that will send your hard-earned cash spiraling down the drain? How on earth are you supposed to keep track of everything to look for?
That, my friend, is simple. Print out this article, and take it with you. Here, Allen Real Estate present your very own guide of what to look for when buying your investment property.
This is a big one. Your property may tick all the right boxes, and appear to be a promising investment, but if the next-door neighbour is a hardened drug-dealer who has a regular stream of junkies queued up outside their door, your investment is likely to sink. Make a point of chatting to the neighbours and sussing them out. Among other reasons, it’s just plain nice.
Don’t make the mistake of thinking that because the property has a garage, that’s the end of it. Think about how many bedrooms are there versus how much parking space there is available, and how this might fit with prospective tenants. A property with three bedrooms and one parking space might work if you’re looking at renting to a family of four, but probably not so well if your target tenants are university graduates renting together. Visitor parking may also be a consideration. Is there street parking available for visitors? Or a specific parking bay? Ensure you know all options available for your tenants.
Visit at Different Times of Day
When checking out your property at 10am on a Wednesday, all may seem fine and dandy. The sun streams into the living space beautifully, the garden is protected from the wind and the birds are chirping merrily outside. Come 5pm on a Friday, however, and things might be a little different. The late afternoon light highlights the grimy walls in the bedroom, there’s a horde of children playing noisily in the street and the 18-year-olds living in the apartment above have decided to start playing thumping bass music at top volume. It’s definitely worth your while to come back to examine the property at least three times, and all at different times of the day or week.
This is a bit of an obscure one, but worth checking out nonetheless. Where does the rainwater go? Does it flood awfully in the garage after a few showers? Or form knee-deep puddles just outside the front door? While it may not be possible to organise visits to your property during a thunderstorm, this is another reason why chatting to the neighbours is a good idea. Pick their brains about their own property – you might uncover some horrible aspects that your Real Estate Agent has been trying to hide.